Barrister Funding
Need working capital for your practice or just want to access cash for your personal lifestyle? Then speak to OptiPay about our Barristers Funding known as Accelerator. Don’t wait for 30, 45 or even 90+ days for your clients (law firms) to pay your invoices. Turn your outstanding invoices into cash within 24 hours with Accelerator Funding!
Flexible, Easy Funding for your Practice
Quick Online Enquiry
What is
Barrister Funding?
“Cash is King” and never more so than in business. Why wait 45 to 90+ days for your invoices to be paid when you can access your cash within 24 hours of your invoice being issued.
All too often this cash is borrowed in the form of loans or overdrafts. Whereas Barristers actually already have the money, it’s just tied up in your unpaid invoices. Our finance solution unlocks that money by getting you cash upfront, instead of waiting 30 to 90+ days for an invoice to be paid. You can then utilise this money in your practice for personal investments, tax payments or any other purpose.
You will receive 80% of the invoice value within 24 hours of invoice verification. To get started, simply complete the online application form (click the “Apply Now” button above or contact us for a paper application), it will only take a few minutes and won’t affect your credit rating.
OptiPay charges no upfront application fees to set up an account, nor does OptiPay charge weekly or monthly interest and principal repayment fees like a traditional unsecured business loan. All you pay is a small percentage of the invoice value funded (called a discount fee) and only when your debtors pay their invoices. What this means is that you make no ongoing interest repayments at all. The actual discount fee charged can be less than 2% of your invoice value, suffice to say that it usually works out cheaper than taking out an unsecured business loan or even an unsecured overdraft facility. Yes, that’s correct – simple and fair.
OptiPay Barrister funding DOES NOT require property security as collateral. We use your unpaid invoices as collateral. The more invoices you issue, the more funds we will advance you with no other physical security required.
To get access to cash from their unpaid invoices rather than waiting for their debtors (law firms) to pay them, these funds can then be used to run and grow your practice. It is the same concept as offering your clients an upfront discount if they pay your invoice early, and it allows you to obtain an advance of up to 80% of the invoice value with the 20% balance (less a small fee) received when the debtor pays.
Features of Barrister Funding
Solve your business cash flow needs with flexible, fair funding.
No Hidden Fees
No upfront Application fees, no property security required and no hidden fees.
It’s 100% Flexible
We’ll provide the flexibility you require in order to manage your cash flows. No long lock-in contracts either.
Funding In 24 Hours
Don’t wait weeks or months for your money.
OptiPay Secure Debt Protection
Non-recourse funding with protection against your debtor going into insolvency. If your client defaults on payment, OptiPay’s insurance will respond.
How much money
can I get?
Typically, you receive up to 90% of your invoice/s value up front, in cash. You then receive the balance of the invoice/s, less the OptiPay agreed discount fee when your debtor/s pay your invoice/s.
You can get as much as 90% of your total accounts receivable ledger, at any given time. Get in touch with us to find out how much money you could raise today.
Ok, how much does this
REALLY cost?
OptiPay has no application fees to establish your Funding Account. So, there are no upfront fees before you receive funds from OptiPay.
All you pay is a one-off amount on the invoices funded and only when your debtors pay their invoices. What this means is that you make no interest repayments at all. Yes, That’s it. Simple and fair.
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Why should I go with OptiPay?
Low Risk – Protection against your client not paying you or defaulting on payment
If you issue invoices and your client (the debtor) fails to pay, and your business has not committed a fraudulent transaction, then OptiPaySecure™ steps in and protects you and covers up to 90% of the funding provided as well as the legal costs to chase your client (debtor). This is unlike business loans where you run the risk of losing your business as well as personal assets in the event of default by your client.
Low Cost
With OptiPay you are not locked into repayments on a daily, weekly, or monthly schedule. In fact, there are no repayments at all because OptiPay is not a bank or like other ‘unsecured’ cash flow lenders and does not force businesses into ongoing loan facilities with fixed repayment terms. All you pay is a low pre-agreed fee and only at the time when your client pays their invoices.
No Hidden Fees
Extra fees are so common in business lending that SMEs have gotten used to them – but they shouldn’t accept them! It’s worth looking at a short, non-exhaustive list of fees OptiPay does NOT charge compared to other lenders.
Available to all Australian businesses
OptiPay’s invoice finance facility is available to every Australian business that invoices other businesses (B2B). We offer flexible funding facilities ranging from $100,000 to $5.0 million. Even if you can’t get a business loan or overdraft, you can qualify for invoice financing as it is based on your current sales, not your past.
Fully Flexible Option without Long Lock-in Periods
Flexible and tailored funding solution for your business. Your business is not burdened with long ongoing contracts and repayment schedules. You can raise the cash flow against your debtors ledger whenever it suits you and your requirements.
Easy & fast application process
Apply online from the comfort of your home or business, no unnecessary paperwork. Get up to 90% of your invoices paid within 24-hours of approval. Our simple online system gives you full control over your financing.
OptiPay Funding Process
Quick same-day setup
- No application or set-up fees
- No long lock-in contracts
- No property security required
Select your invoices and upload
- Choose only the invoices you want funded
- No fees as you add more debtors
Due diligence
- OptiPay checks the credit rating of your debtors and verifies each invoice
- Open and honest appraisals
Access up to 90% of your cash up front
- Get up to 90% of your invoices paid to you without any hold backs or fees
- Get your money within just 24 hours of approval
Access balance of cash
- The more you cash-flow with OptiPay, the lower the discount fee can become
- The balance due on your invoices are paid to you when your client pays their invoice, less a pre-agreed discount rate
- OptiPay is paid when you are paid and not before
